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The Securities and Exchange Commission (SEC) has raised the alarm over a fresh wave of fraudulent investment promotions after identifying 33 television stations broadcasting suspicious “money-doubling” schemes to the public.
In a public notice issued on Monday, the Commission warned that the schemes, which promise unusually high returns with little or no risk, are entirely unlicensed and have not been cleared to operate in Ghana’s securities market.
SEC stated that the operators behind these televised adverts are deceiving viewers with unrealistic promises and urged the public to avoid engaging with such offers.
According to the regulator, none of the individuals or entities promoting these schemes have approval to solicit funds or advertise investment-related products.
It said their actions breach Section 144(1) of the Securities Industry Act, 2016 (Act 929), which prohibits unlicensed public invitations for investment services, as well as Section 294(1)(b) of the Companies Act, 2019 (Act 992), which bars unregistered entities from inviting the public to invest. SEC warned that those found culpable could face criminal prosecution.
The Commission’s notice comes at a time when concerns over financial fraud are resurfacing, following years of investment scandals that left thousands of Ghanaians struggling to recover their savings.
SEC said it is closely monitoring the rise of such activities, especially as economic pressures make the public more vulnerable to quick-rich schemes.
The public has been advised to verify the licensing status of any investment firm before committing funds. SEC encouraged citizens to make inquiries through its toll-free line 0800 100 065, its main line 0302 768 970–2, or by email at info@sec.gov.gh.
The Commission reaffirmed its commitment to investor protection, adding that it will continue to pursue measures that strengthen transparency and confidence in Ghana’s capital market.
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